3rd Quarter 2008 Investor CallQNovember 6, 2008

“Safe Harbor”

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:Forward-Looking Statements: The following slides contain forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995, including our expectations with respect to our 2008 guidance targets, our futuregrowth prospects, including our continued ability to generate free cash flow, expand our RGUs and increase our ARPU perg p p , g y g , p pcustomer, and our liquidity, including our ability to repay near-term debt amortizations, the performance of our currencyhedges and our borrowing availability; our expectations with respect to the timing and impact of our roll-out of digital andbroadband products and services; our insight and expectations regarding competitive and economic factors in our markets;the impact of our M&A activity on our operations and financial performance; our expectations concerning future repurchasesof our stock; and other information and statements that are not historical fact. These forward-looking statements involvecertain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by thesecertain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by thesestatements. These risks and uncertainties include the continued use by subscribers and potential subscribers of the Company'sservices and willingness to upgrade to our more advanced offerings, our ability to meet challenges from competition andeconomic factors, the continued growth in services for digital television at a reasonable cost, the effects of changes intechnology and regulation, our ability to achieve expected operational efficiencies and economies of scale, our ability togenerate expected revenue and operating cash flow, control capital expenditures as measured by percentage of revenue andachieve assumed margins our ability to access cash of our subsidiaries and the impact of our future financial performance orachieve assumed margins, our ability to access cash of our subsidiaries and the impact of our future financial performance, ormarket conditions generally, on the availability, terms and deployment of capital, as well as other factors detailed from time totime in the Company's filings with the Securities and Exchange Commission including our most recently filed Forms 10-K and10-Q. These forward-looking statements speak only as of the date of this presentation. The Company expressly disclaims anyobligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflectany change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on whichany such statement is basedany such statement is based.

Additional Information Relating to Defined Terms:Please refer to the Appendix at the end of this presentation, as well as the Company’s Press Release dated November 5, 2008and SEC filings, for definitions of the following terms which may be used herein including: Rebased Growth, Operating CashFlow (“OCF”), Free Cash Flow (“FCF”), Revenue Generating Units (“RGUs”), Average Revenue per Unit (“ARPU”), and OCF

2

Margin, as well as GAAP reconciliations, where applicable.

Agenda

O ti U d t Operating Update

Financial ResultsFinancial Results

Q & A

3

Where Are We Today?

Stable Growth

Advanced services(1)

Diverse Markets

15 countries & 4 continents

Customer ARPUs

OCF growth & margins

Basket of currencies

Blend of mature & growth

Strategy IntactStrong Balance Sheet Strategy Intact

New product launches

M&A in Belgium & Japan

Strong Balance Sheet

$3.2 billion total liquidity(2)

Minimal near-term maturities M&A in Belgium & Japan

Continued stock buybacks

Minimal near term maturities

Rates & currencies hedged

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(1) Advanced Services refers to the value-added services of digital video, including digital cable and DTH, broadband internet and telephony.(2) The $3.2 billion consists of (i) $1.6 billion of unrestricted cash, of which $780 million is held by our parent and its non-operating subsidiaries, and the remaining $802 million is held by our

operating subsidiaries, principally J:COM and Telenet and (ii) $1.6 billion of aggregate undrawn capacity (excluding VTR), as represented by the maximum undrawn commitments under eachof our applicable facilities without regard to covenant compliance calculations, all of which is held by our operating subsidiaries, principally J:COM, Telenet and UPC.

We Are Growing

Advanced Services

Digital Data Voice812

678

(000s)

Rebased Growth(1)

13.4% 13.6%Q3 YTD

190 214

182 154 125

649 652 678 630

5.6% 6.0%

Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Revenue OCF

ARPU per Customer

33 1235.91

7,3837,455 27,820

Q3 ’07 Q3 ’08

Free Cash Flow(1)

$545 ($mm)

21.46

23.6833.12 7,383

25,818

$225 143%

5(1) Please see Appendix for the definitions and reconciliations of OCF and FCF, and for information on rebased growth.

UPC (€) Telenet (€) J:COM (¥) VTR (CLP) YTD '07 YTD '08

UPC Broadband Update

Operational Themes & Results

Launching 100+ Mbps data products

Record digital growth for 2nd straight quarterRecord digital growth for 2 straight quarter

Actively targeting situations in AT, HU & RO OCF Growth(1) ($mm)

Competitive situation remains challenging,

while economic conditions have deteriorated$425

$557

Rebased OCF growth improved 230 bps

sequentiallyQ3 '07 Q3 '08

31%

6

sequentially15% Rebased Growth

(1) Please see Appendix for the OCF definition and reconciliation, and for information on rebased growth.

J:COM Update

Operational Themes & Results75%

Digital Penetration(1)

Continued success driving digital take-up

Broadband data driving ARPU & net adds

63%

19%

OCF Growth(2) ($mm)

Broadband data driving ARPU & net adds

Completed FCN acquisition (190,000 RGUs)

Q3 '07 Q3 '08

$229

$290

p q ( , )

Economy stable, strengthening currency

Q3 '07 Q3 '08

27%

Consistent financial performance

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12% Rebased Growth(1) Digital penetration is calculated by dividing digital cable RGUs by the total of digital and analog cable RGUs.

(2) Please see Appendix for the OCF definition and reconciliation, and for information on rebased growth.

VTR Update

Operational Themes & Results

Consistent advanced services RGU growth39

Organic Digital Adds

Consistent advanced services RGU growth

Digital penetration doubles YoY to 35% 13 203%

OCF Growth(1) ($mm)

Broadband leadership reinvigorated with

speed increases

Q3 '07 Q3 '08

$64

$72

p

12% rebased revenue & OCF growth for Q3

Q3 '07 Q3 '08

13%

Results impacted by competition & economy

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12% Rebased Growth(1) Please see Appendix for the OCF definition and reconciliation, and for information on rebased growth.

Agenda

Operating UpdateOperating Update

Financial Results

Q & A

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YTD Financial Highlights

$3,424$7,991

Revenue($mm)

OCF(1)

($mm)

$2,603

$ ,

$6,542

$7,991

22% 32%

YTD '07 YTD '08YTD '07 YTD '08

CapEx (% f R )OCF Margin(1)

22.2%

21.0%39.8%

42.8%

CapEx (% of Revenue)OCF Margin(1)

YTD '07 YTD '08

39.8%

YTD '07 YTD '08

300 bps

120 bps

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YTD 07 YTD 08

(1) Please see Appendix for the definition and reconciliation of OCF and definition of OCF margin.

YTD 07 YTD 08

Revenue Breakdown

($mm)

Q3 Rebased YTD Rebased2008 Growth(1) 2008 Growth(1)

Western Europe 780$ 3% 2,380$ 3%C & E Europe 362 3% 1,059 4%Other(2) 3 -- 8 -- UPC Broadband 1,145 3% 3,448 3%

Telenet (Belgium) 375 5% 1 137 7%Telenet (Belgium) 375 5% 1,137 7%J:COM (Japan) 686 7% 2,056 7%VTR (Chile) 180 12% 561 11%Other 265 -- 789 -- Total LGI 2,650$ 6% 7,991$ 6%

11(1) Please see Appendix for information on rebased growth.(2) Represents central and corporate operations of UPC Broadband.

OCF(1) Breakdown

($mm)

Q3 Rebased YTD Rebased2008 Growth(2) 2008 Growth(2)

Western Europe 420$ 15% 1,245$ 13%C & E Europe 193 7% 550 7%pOther(3) (56) -- (178) -- UPC Broadband 557 15% 1,617 14%

Telenet (Belgium) 187 8% 552 10%Telenet (Belgium) 187 8% 552 10%J:COM (Japan) 290 12% 849 11%VTR (Chile) 72 12% 230 18%Other 63 -- 176 --Other 63 176 Total LGI 1,168$ 13% 3,424$ 14%

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(1) Please see Appendix for a definition and reconciliation of OCF.(2) Please see Appendix for information on rebased growth.(3) Represents central and corporate operations of UPC Broadband.

FCF(1) Progression

$545

2007 2008($mm)

$545

$225

$318

$58 $42

$125 $128 $100

Q1 Q2 Q3 YTD

FCF Expected to Increase Meaningfully in Q4 ’08

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FCF Expected to Increase Meaningfully in Q4 ’08

(1) Please see appendix for definition of FCF and for reconciliation.

Balance Sheet Snapshot

(3)

For periods ended 2008

($mm) June 30 Sept 30 Adj. Sept 30(3)

Total Debt 19,786$ 19,262$ 18,317$ T t l C h(1)Total Cash(1)

(1,691) (2,057) (2,057) Net Debt 18,095$ 17,205$ 16,260$

Gross Leverage(2) 4 3x 4 1x 3 9xGross Leverage( ) 4.3x 4.1x 3.9x Net Leverage(2) 3.9x 3.7x 3.5x

Gross & Net Leverage Ratios Trending Lower

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(1) Cash includes restricted cash related to our debt instruments of approximately $480 million at June 30, 2008 and $476 million at September 30, 2008.(2) Gross and Net Leverage equals total and net debt, respectively, divided by annualized OCF for the three months ended as of the date indicated.(3) Adjusted September 30 excludes our debt related to our borrowings against our News Corp. and Sumitomo shares.

Capital Structure Review

Significant consolidated liquidity (cash & borrowing capacity)

Financial leverage at low-end of target range

Floating interest rates & currencies hedged on debt

Diversified base of lenders & counterparties Diversified base of lenders & counterparties

Positive FCF at key credit groups

Long-term maturity profile

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Debt Amortization Schedule(1)

$14 $12.6

($bn)Total debt & capital leases of $19.3 bn

$10

$12 UPC VTR Telenet J:COM Austar Other

$12.6(2)

$6

$8

$

$2

$4

$0.1 $0.4 $0.3$1.2

$2.4 $2.2

$0

Q4 2008 2009 2010 2011 2012 2013 Thereafter

Limited Near-Term Amortizations

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Limited Near Term Amortizations

(1) Includes principal amount of capital leases.(2) UPC excludes VTR.

Conclusions

Driving penetrations of high-ARPU advanced servicesg p g

14% rebased OCF growth YTD & record OCF margin in Q3% ebased OC g o t & eco d OC a g Q3

Positioned to weather extension of current credit environmentPositioned to weather extension of current credit environment

Balancing liquidity & commitment to levered equity strategyBalancing liquidity & commitment to levered equity strategy

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Appendixpp

f d dd l f

Appendix

Revenue Generating Unit (“RGU”) is separately an Analog Cable Subscriber, Digital Cable Subscriber, DTH Subscriber, MMDS Subscriber, Internet Subscriber orTelephony Subscriber. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in our Austriansystem subscribed to our digital cable service, telephony service and broadband internet service, the customer would constitute three RGUs. Total RGUs is the sum ofAnalog Cable, Digital Cable, DTH, MMDS, Internet and Telephony Subscribers. RGUs generally are counted on a unique premise basis such that a given premise does notcount as more than one RGU for any given service On the other hand if an individual receives our service in two premises (e g a primary home and a vacation home)

Definitions and Additional Information

count as more than one RGU for any given service. On the other hand, if an individual receives our service in two premises (e.g., a primary home and a vacation home),that individual will count as two RGUs. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers choose todisconnect after their free service period. Services offered without charge on a permanent basis (e.g. VIP subscribers, free service to employees) are not counted as RGUs.

Average Revenue Per Unit (“ARPU”) refers to the average monthly subscription revenue per average RGU. ARPU per customer relationship refers to the average monthlysubscription revenue per average customer relationship. In both cases, the amounts are calculated by dividing the average monthly subscription revenue (excludinginstallation, late fees and mobile telephony revenue) for the indicated period, by the average of the opening and closing balances for RGUs or customer relationships, as thecase may be, for the period.y , p

OCF margin is calculated by dividing OCF by total revenue for the applicable period.

Information on Rebased Growth: For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during 2008, we haveadjusted our historical revenue and OCF for the three and nine months ended September 30, 2007, respectively to (i) include the pre-acquisition revenue and OCF ofcertain entities acquired during 2007 and 2008 in our rebased amounts for the three and nine months ended September 30, 2007 to the same extent that the revenue andOCF of such entities are included in our results for the three and nine months ended September 30, 2008, (ii) exclude the pre-disposition revenue and OCF of certainentities that were disposed of during 2007 and 2008 from our rebased amounts for the three and nine months ended September 30 2007 to the same extent that suchentities that were disposed of during 2007 and 2008 from our rebased amounts for the three and nine months ended September 30, 2007 to the same extent that suchentities were excluded from our results for the three and nine months ended September 30, 2008, and (iii) reflect the translation of our rebased amounts for the three andnine months ended September 30, 2007 at the applicable average exchange rates that were used to translate our results for the three and nine months ended September30, 2008. The acquired entities that have been included in whole or in part in the determination of our rebased revenue and OCF for the three months ended September30, 2007 include JTV Thematics, Telesystems Tirol, nine small acquisitions in Europe and three small acquisitions in Japan. The acquired entities that have been included inwhole or in part in the determination of our rebased revenue and OCF for the nine months ended September 30, 2007 include JTV Thematics, Telesystems Tirol, fourteensmall acquisitions in Europe and four small acquisitions in Japan. Additionally, the disposed entities that were excluded in whole or in part from the determination of ourrebased revenue and OCF for the three and nine months ended September 30 2007 include our broadband communications operations in Brazil and Peru and our Liveshoprebased revenue and OCF for the three and nine months ended September 30, 2007 include our broadband communications operations in Brazil and Peru and our Liveshopoperations in the Netherlands. In terms of acquired entities, we have reflected the revenue and OCF of these acquired entities in our 2007 rebased amounts based on whatwe believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (i)any significant differences between generally accepted accounting principles in the U.S. (“GAAP”) and local generally accepted accounting principles, (ii) any significanteffects of post-acquisition purchase accounting adjustments, (iii) any significant differences between our accounting policies and those of the acquired entities and (iv) otheritems we deem appropriate. As we did not own or operate the acquired businesses during the pre-acquisition periods, no assurance can be given that we have identified alladjustments necessary to present the revenue and OCF of these entities on a basis that is comparable to the corresponding post-acquisition amounts that are included inour historical 2008 results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. The adjustments reflected in our 2007

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p q p jrebased amounts have not been prepared with a view towards complying with Article 11 of the SEC's Regulation S-X. In addition, the rebased growth percentages are notnecessarily indicative of the revenue and OCF that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased2007 amounts or the revenue and OCF that will occur in the future. The rebased growth percentages have been presented as a basis for assessing 2008 growth rates on acomparable basis, and are not presented as a measure of our pro forma financial performance for 2007. Therefore, we believe our rebased data is not a non-GAAP measureas contemplated by Regulation G or Item 10 of Regulation S-K.

Appendix

Operating cash flow is not a GAAP measure. Operating cash flow is the primary measure used by our chief operating decision maker to evaluate segment operatingperformance and to decide how to allocate resources to segments. As we use the term, operating cash flow is defined as revenue less operating and SG&Aexpenses (excluding stock-based compensation, depreciation and amortization, provisions for litigation, and impairment, restructuring and other operating chargesor credits). We believe operating cash flow is meaningful because it provides investors a means to evaluate the operating performance of our segments and our

Operating Cash Flow Definition and Reconciliation

company on an ongoing basis using criteria that is used by our internal decision makers. Our internal decision makers believe operating cash flow is a meaningfulmeasure and is superior to other available GAAP measures because it represents a transparent view of our recurring operating performance and allowsmanagement to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improveoperating performance in the different countries in which we operate. For example, our internal decision makers believe that the inclusion of impairment andrestructuring charges within operating cash flow would distort the ability to efficiently assess and view the core operating trends in our segments. In addition, ourinternal decision makers believe our measure of operating cash flow is important because analysts and investors use it to compare our performance to othercompanies in our industry. However, our definition of operating cash flow may differ from cash flow measurements provided by other public companies. A

ili i f l i h fl i (l ) b f i d i i i i d b l O i h fl h ldreconciliation of total segment operating cash flow to our earnings (loss) before income taxes and minority interests is presented below. Operating cash flow shouldbe viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income, net earnings (loss), cash flow fromoperating activities and other GAAP measures of income or cash flows.

Three months ended September 30,

Nine months ended September 30,

2008 2007 2008 2007 in millions in millions

Total segment operating cash flow............................................... $ 1,168.1 $ 917.6 $ 3,423.6 $ 2,603.2Stock-based compensation expense ............................................. (42.0) (57.8) (125.3) (141.3)Depreciation and amortization ..................................................... (711.9) (615.4) (2,160.0) (1,819.6)Provision for litigation ................................................................. — (146.0) — (146.0)Impairment, restructuring and other operating charges, net ........... (1.4) (11.6) (3.2) (17.5)

Operating income .................................................................. 412.8 86.8 1,135.1 478.8Interest expense ........................................................................ (293.4) (247.1) (863.7) (706.4)Interest and dividend income ...................................................... 23.5 36.1 75.4 84.6Share of results of affiliates, net .................................................. 2.4 5.9 5.2 29.0Realized and unrealized gains (losses) on derivative instruments, net ....................................................................... 18.2 (134.8) 89.2 (71.2)

Foreign currency transaction gains (losses), net ............................ (286.7) (31.7) 96.3 41.6Unrealized losses due to changes in fair values of certain investments and debt, net ......................................................... (129.2) (0.3) (84.4) (230.5)

Gains (losses) on extinguishment of debt, net ............................... -- 1.6 -- (21.7)G i (l ) di iti f t t (0 4) 552 8 (1 8) 553 1

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Gains (losses) on disposition of assets, net ................................... (0.4) 552.8 (1.8) 553.1Other income (expense), net ....................................................... (0.5) 1.0 1.8 (3.6)

Earnings (loss) before income taxes and minority interests ........ $ (253.3) $ 270.3 $ 453.1 $ 153.7

AppendixFree Cash Flow Definition and Reconciliation

FCF is defined as net cash provided by operating activities less capital expenditures, each as reported in our condensed consolidated statements of cashflows. Adjusted FCF represents FCF less non-cash capital lease additions. FCF and Adjusted FCF are not GAAP measures of liquidity. We believe that ourpresentation of FCF and Adjusted FCF provides useful information to our investors because these measures can be used to gauge our ability to service debt andfund new investment opportunities. FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory andpp p y y , ycontractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view FCF as a supplement to, and not asubstitute for, GAAP measures of liquidity included in our consolidated cash flow statements. The table below highlights the reconciliation of net cash provided byoperating activities to FCF and FCF to Adjusted FCF for the indicated periods.

Three months ended

September 30Nine months ended

September 30 September 30, September 30,

2008 2007(1) 2008 2007(1)

in millions

Net cash provided by operating activities .................. $ 697.4 $ 624.7 $ 2,224.1 $ 1,675.9 Capital expenditures ............................................... (597.7) (499.4) (1,679.1) (1,451.2)

FCF .................................................................. $ 99.7 $ 125.3 $ 545.0 $ 224.7

FCF ....................................................................... $ 99.7 $ 125.3 $ 545.0 $ 224.7 Capital lease additions ............................................. (37.4) (50.4) (109.0) (139.2)

Adjusted FCF ..................................................... $ 62.3 $ 74.9 $ 436.0 $ 85.5

21(1) Our cash provided by operations for the three and nine months ended September 30, 2007 differs from the previously reported amounts due to the reclassification of cash flows

related to derivative instruments to align with the classification of the applicable underlying cash flows.